Budapest-based Futureal Energy Partners (FEP), part of the Futureal Group, has entered the Baltic energy storage market through the acquisition of a 45 MW/120 MWh battery energy storage system (BESS) portfolio in Latvia, in a new geographic expansion for the company’s renewable energy strategy, the company told state news agency MTI.

The transaction, completed with Latvian renewable developer Aretis Group, covers two standalone storage projects located in the wider Riga region. The portfolio includes a 15 MW/40 MWh project in Bolderāja and a 30 MW/80 MWh facility in Bišuciems.

According to the development timeline, construction is expected to begin in July 2026, with commercial operation targeted for November 2026. Once operational, the assets are expected to generate revenues primarily from balancing and system services, reflecting the growing importance of flexibility solutions in the regional electricity market.

The investment comes as the Baltic power system undergoes structural change following the 2025 integration of Estonia, Latvia, and Lithuania into the continental European electricity grid. This shift has increased demand for grid stability services and positioned battery storage as a key enabling technology for integrating renewable energy and managing system volatility.

For FEP, the acquisition represents a strategic entry into a market it sees as one of the most attractive in Europe for energy storage development. The company said the deal fits its broader strategy of investing in flexible energy infrastructure across European markets where storage can play a central role in supporting grid stability and accelerating the energy transition.

The Latvian acquisition also expands FEP’s growing European renewable portfolio. The company already holds solar and storage investments in Finland, is developing a large-scale solar project in Hungary, and is constructing a 45 MW wind farm in Poland. The Baltic entry further diversifies its geographic footprint and strengthens its position in the European clean energy sector.

Aretis Group (formerly Solar Energy Fund) is a Latvia-based renewable energy developer and investor specialising in large-scale solar and battery storage projects. It covers the full project lifecycle, from development and permitting to construction management, financing support and asset management. The company has been involved in 19 major projects totalling around 280 MWh of storage capacity and 143 MWp of solar capacity